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Disappearing dividends: changing firm characteristics or lower propensity to pay?

Journal of financial economics, 2001-04, Vol.60 (1), p.3-43 [Peer Reviewed Journal]

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Title:
Disappearing dividends: changing firm characteristics or lower propensity to pay?
Author: Fama, Eugene F ; French, Kenneth R
Subjects: Changes ; Demographics ; Dividends ; Economics ; Enterprises ; Finance ; Financial economics ; Financial management ; New listings ; New stock market listings ; Payout policy ; Statistical analysis ; Stock repurchases ; Stock returns ; Stocks ; Studies
Is Part Of: Journal of financial economics, 2001-04, Vol.60 (1), p.3-43
Description: The proportion of firms paying cash dividends falls from 66.5% in 1978 to 20.8% in 1999, due in part to the changing characteristics of publicly traded firms. Fed by new listings, the population of publicly traded firms tilts increasingly toward small firms with low profitability and strong growth opportunities – characteristics typical of firms that have never paid dividends. More interesting, we also show that regardless of their characteristics, firms have become less likely to pay dividends. This lower propensity to pay is at least as important as changing characteristics in the declining incidence of dividend-paying firms.
Publisher: Amsterdam: Elsevier B.V
Language: English
Identifier: ISSN: 0304-405X
EISSN: 1879-2774
DOI: 10.1016/S0304-405X(01)00038-1
CODEN: JFECDT
Source: Alma/SFX Local Collection
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